Hey Y'all

[maui21ice]

Joined here at TSP Talk in August, but have only been contributing to TSP since October 2013. Still learning the ropes of the Stock Market, and it's been an up and down year. (Mostly Down) Hopefully getting my bad year out of the way while my balance is still low and I have a long road ahead of me.

Looking to follow and learn from educated and experienced members who've road the highs and lows or our economy. I appreciate any advice y'all can lend me.

I did 4 years active duty in the Air Force, never contributed. Now work for the Federal Prison system and contribute 7% a year and will up that to 10% when I hit my 2-year mark next Fall. They match 5%. So right now putting in 12% overall with their match.

 

[nnuut]

That's a good start.

 

[tsptalk]

Welcome, maui21ic! Thanks for joining us!

 

[jkenjohnson]

Joined here at TSP Talk in August, but have only been contributing to TSP since October 2013. Still learning the ropes of the Stock Market, and it's been an up and down year. (Mostly Down) Hopefully getting my bad year out of the way while my balance is still low and I have a long road ahead of me.

Looking to follow and learn from educated and experienced members who've road the highs and lows or our economy. I appreciate any advice y'all can lend me.

I did 4 years active duty in the Air Force, never contributed. Now work for the Federal Prison system and contribute 7% a year and will up that to 10% when I hit my 2-year mark next Fall. They match 5%. So right now putting in 12% overall with their match.

If at all possible, bump that contribution up to 15%. It will really make a difference in the long run and you will appreciate it when you are 100 years old like me.

 

[Frixxxx]

If at all possible, bump that contribution up to 15%. It will really make a difference in the long run and you will appreciate it when you are 100 years old like me.

Jk, you don't look a day over 99!!:cheesy:

maui21ice - I recommend adjusting your budget to see what you can do to max out contributions.

 

[maui21ice]

Frixxxx and jken,

Anytime I do more than 1 Overtime, I bump my TSP percentage up an additional 15% onto the 7% (and agency match %5), I'm already putting in. So this week alone I had 3 OT's, so I pocket one in my paycheck, and add 30% to the 7%, to make my 37% pay period contribution to TSP. That comes out to almost $700 a pay period with the matching contribution.

Right now I'm keeping it at 7% and then next year to 10% only because my wife is in college still and we're waiting for her to land a Hospital job after graduation. Then hopefully she'll be the breadwinner and I can make my contributions 15-20% every pay.

I do want to get it as high as possible, as soon as possible. Looking to get as close to maxxing it out next year as I can. Working in the prison I'm at, OT is very abundant, so I'm going to jump at that opportunity any chance I get.

 

[Frixxxx]

Frixxxx and jken,

Anytime I do more than 1 Overtime, I bump my TSP percentage up an additional 15% onto the 7% (and agency match %5), I'm already putting in. So this week alone I had 3 OT's, so I pocket one in my paycheck, and add 30% to the 7%, to make my 37% pay period contribution to TSP. That comes out to almost $700 a pay period with the matching contribution.

Right now I'm keeping it at 7% and then next year to 10% only because my wife is in college still and we're waiting for her to land a Hospital job after graduation. Then hopefully she'll be the breadwinner and I can make my contributions 15-20% every pay.

I do want to get it as high as possible, as soon as possible. Looking to get as close to maxxing it out next year as I can. Working in the prison I'm at, OT is very abundant, so I'm going to jump at that opportunity any chance I get.

Here's a table I create every year to allow you to set % or $ amount based on salary range.

2015 Contribution Link

I recommend basing your TSP contributions from your salary only. Use OT to fund vacation or large purchase items or emergency funds (6 months salary). That way, you always maintain a true investment path on unchanging numbers.

 

[WorkFE]

Overtime, I almost forgot what that was.

 

[jkenjohnson]

Jk, you don't look a day over 99!!:cheesy:

maui21ice - I recommend adjusting your budget to see what you can do to max out contributions.

I was exaggerating a little bit. Plus 43 years.

 

[jkenjohnson]

Frixxxx and jken,

Anytime I do more than 1 Overtime, I bump my TSP percentage up an additional 15% onto the 7% (and agency match %5), I'm already putting in. So this week alone I had 3 OT's, so I pocket one in my paycheck, and add 30% to the 7%, to make my 37% pay period contribution to TSP. That comes out to almost $700 a pay period with the matching contribution.

Right now I'm keeping it at 7% and then next year to 10% only because my wife is in college still and we're waiting for her to land a Hospital job after graduation. Then hopefully she'll be the breadwinner and I can make my contributions 15-20% every pay.

I do want to get it as high as possible, as soon as possible. Looking to get as close to maxxing it out next year as I can. Working in the prison I'm at, OT is very abundant, so I'm going to jump at that opportunity any chance I get.

Next time you get a raise or a step increase dump it in the TSP and live off the same amount you are making now. You will never miss it and you will have increased your contribution percentage.

 

[maui21ice]

Next time you get a raise or a step increase dump it in the TSP and live off the same amount you are making now. You will never miss it and you will have increased your contribution percentage.

Definitely in my plans. I've gone from 5% my first year in the agency, to 7% once I hit my year mark which is now, and will up it to 10%, when I get my 2 year raise. After that will be adjusted accordingly to when my wife graduates and starts her full-time employment. I still get additional monthly money form my Reserve military weekends which I've been putting in either a roth IRA through USAA, or just using it to pay over the top on my college bills to complete them sooner.